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Wednesday, March 20, 2019  
 
 
 
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DTN Early Word Opening Livestock       03/20 05:53
   Firm Buying Draws Feeder Cattle Trade

   Triple-digit gains Tuesday in feeder cattle has the potential to spark
additional interest midweek in all cattle markets. Hog futures are focused on
maintaining stability at recent high prices.

By Rick Kment
DTN Analyst



Cattle: Steady      Futures: Mixed   Live Equiv: $151.07 +0.69*
Hogs:   $1 Higher   Futures: Mixed   Lean Equiv: $ 78.60 +1.75**


* based on formula estimating live cattle equivalent of gross packer revenue
** based on formula estimating lean hog equivalent of gross packer revenue

GENERAL COMMENTS:

   Feeder cattle futures broke through technical support Tuesday with April
contracts moving above early-March levels. The move to $147.80 per cwt is the
highest contract price since November 2018 and may create additional underlying
support through all cattle trade. Live cattle futures remain stuck in the
current market range of $126 to $130 per cwt, but with April contracts moving
above $129 per cwt Tuesday, the focus on underlying fundamental support could
spark additional buying activity in the next couple of weeks. Cash trade
remains undeveloped early Wednesday morning as bids are still unavailable while
asking prices are likely to redevelop at $130 and higher live and $210 dressed.
Active trade is likely to be pushed off until late in the week, with another
Friday trade becoming a strong possibility.
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